ShawSpring Partners LLC Sells 765,407 Shares of IAC Inc. (NASDAQ:IAC)

ShawSpring Partners LLC lessened its position in IAC Inc. (NASDAQ:IAC) by 32.6% in the 3rd quarter, Holdings Channel reports. The fund owned 1,579,928 shares of the company’s stock after selling 765,407 shares during the period. IAC accounts for approximately 10.7% of ShawSpring Partners LLC’s holdings, making the stock its 5th biggest position. ShawSpring Partners LLC’s holdings in IAC were worth $85,032,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in IAC. Charles Schwab Investment Management Inc. lifted its holdings in shares of IAC by 5.8% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 948,112 shares of the company’s stock valued at $51,027,000 after buying an additional 52,271 shares during the period. B. Metzler seel. Sohn & Co. Holding AG acquired a new stake in IAC in the third quarter valued at $3,049,000. Pathstone Holdings LLC lifted its holdings in IAC by 8.2% in the third quarter. Pathstone Holdings LLC now owns 24,119 shares of the company’s stock valued at $1,298,000 after acquiring an additional 1,819 shares during the period. Quest Partners LLC boosted its position in shares of IAC by 2,546.5% during the 3rd quarter. Quest Partners LLC now owns 21,701 shares of the company’s stock worth $1,168,000 after purchasing an additional 20,881 shares in the last quarter. Finally, S&CO Inc. grew its stake in shares of IAC by 4.0% during the 3rd quarter. S&CO Inc. now owns 203,145 shares of the company’s stock worth $10,933,000 after purchasing an additional 7,885 shares during the period. Hedge funds and other institutional investors own 88.90% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms recently commented on IAC. Barclays decreased their price objective on shares of IAC from $70.00 to $66.00 and set an “overweight” rating on the stock in a report on Wednesday, November 13th. Truist Financial decreased their price target on IAC from $88.00 to $80.00 and set a “buy” rating on the stock in a research note on Wednesday, November 13th. UBS Group raised IAC to a “hold” rating in a research note on Monday, October 28th. Benchmark reiterated a “buy” rating and set a $110.00 target price on shares of IAC in a research report on Tuesday, November 12th. Finally, TD Cowen lowered their target price on IAC from $82.00 to $77.00 and set a “buy” rating on the stock in a report on Wednesday, November 13th. Two analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $70.36.

IAC Trading Down 1.6 %

IAC stock opened at $47.76 on Wednesday. The company has a current ratio of 2.75, a quick ratio of 2.75 and a debt-to-equity ratio of 0.30. The stock has a 50-day moving average price of $51.47 and a 200 day moving average price of $50.55. IAC Inc. has a 52 week low of $43.51 and a 52 week high of $58.29.

IAC (NASDAQ:IAC) last issued its quarterly earnings results on Tuesday, November 12th. The company reported ($2.93) EPS for the quarter, missing analysts’ consensus estimates of ($0.20) by ($2.73). The firm had revenue of $938.70 million for the quarter, compared to analysts’ expectations of $922.62 million. IAC had a negative return on equity of 5.63% and a negative net margin of 0.34%. The business’s quarterly revenue was down 15.5% compared to the same quarter last year. During the same quarter last year, the firm earned ($0.30) earnings per share. On average, analysts expect that IAC Inc. will post -3.97 earnings per share for the current fiscal year.

About IAC

IAC Inc, together with its subsidiaries, operates as a media and internet company worldwide. The company publishes original and engaging digital content in the form of articles, illustrations, and videos and images across entertainment, food, home, beauty, travel, health, family, luxury, and fashion areas; and magazines related to women and lifestyle.